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Smart Shopper Smart Shopper-Archives Lease Questions - Ask Here 
23872 messages, Last post on Sep 20, 2005 at 8:08 AM
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My dealer told me not to pay any out of pocket at all and to roll everything into the payment. His reasoning is that gap insurance will cover the difference in case of total loss. I know you defintely shouldn't put money down for cap reduction and I guess that can extend to taxes if you live in state where you tax is computed on depreciation and not the monthly payment, but what about the acquisition fee, dealer fees, and deposit????? If you roll them in, wouldn't you have to pay financing on them? I think he was feeding me BS.
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Hi, I wanted to know if you could review the lease offer that I was given on a fully loaded 2004 SE AWD Murano (includes Sunroof, Premium Package, and SE Touring Package). I believe MSRP is $35,830.00 and I live on Long Island New York (high taxes 8.5% and $795 aquisition fee). I was given a price of $424.00/month, 42 month lease, $990.00 down. ---or--- $367.00/month, 42 months lease, $3098.00 down. I think they want to get rid of the remaining 2004's but I would like to know if this is a good deal or not. THANKS! |
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| Car_man ,another on for you: 36-39m 10-12000 miles CLK320 | |
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Car_man, I have a quote from a dealer on a 2005 Civic LX, auto, w/o side airbags. Lease is 36 months, 15k mi/yr. I'm hoping you can take a look and let me know what you think: MSRP: $16,825 Selling price: $15,622.98 Adjusted Cap. Cost: $16,181.62 (includes $595 assignment fee and $36.36 down payment) Cash up front: $571.22 (includes $532.50 "inception fees" - no idea what this means, and $36.36 in down payment, and $2.36 in down payment taxes) Money factor: .00158 Residual value: 53% ($8,917.25) Total monthly payment is $241.45/mo plus 6.5% tax so grand total $257.14/mo. How does this deal stack up? Am I missing anything big? Any costs they might try to hit me with that aren't captured here? Any thoughts would be great. Thanks. |
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Replying to: qbrozen (Nov 04, 2004 9:09 am) The dealer called back and apologized for the wrong numbers. My wife and I signed a new agreement that added the Gap Insurance cost to the previous Gross Cap Cost - I'm okay with adding Gap Ins. if that's what the lender wants. Also, they managed to reduce my monthly payment another $5/mo. so overall the GAP insurance will only cost me $300.
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Replying to: 350z (Nov 04, 2004 4:26 pm) |
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Car Man Need your help, my brother is considering a Navigator. Looks like they are being heavely discounted, under invoice for purchase. Want to check on lease deals. Do you know the latest numbers. Also, is there any lease cash. |
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Car Man, I just totaled my 2002 Lexus ES 300 and am looking to lease a new BMW X5 3.0 or Audi A6. The MSRP on each is around $48,000.00. I need 18k miles per year for 3 years. Is either company offering decent leases right now? Thanks. |
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Hi Car Man. Do you have the Nov. residual & MF for the 2005 Accord EX-L and EX-V6? I'm looking for 36 months and 12 or 15,000 miles. Thanks in advance. |
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Replying to: slocko (Nov 04, 2004 11:48 am) The first two leases I got were right after tax return time, so I had my big government tax return burning a hole in my pocket. It was also before I had done a lot of research into leasing. Let me just give you an example of how wrapping everything into the lease could work out. My current lease is a 2004 Odyssey EXL-RES. I have applied basically the same numbers to a 2005 Odyssey lease. These numbers will all change based on the numbers you are given, but these are my numbers: MSRP: $32410 Residual Value: 53% (48 Mon. Lease, 12,000 Miles) Discount: $2843.26 (Invoice + 2%) Down Payment: 0 Net Cap Cost: $29566.74 Acquisition Fee: $495 (fairly typical for a lease) Registration Fee: $45 Document Fee: $100 First Months's Payment: $369.46 Lump Sum Tax: $1121.37 (6.75%, must pay up front in Ohio either rolled in or out of pocket) Gross Cap Cost: $31697.57 Total Depreciation: $14520.27 Money Factor: .00137 (3.288%) Total Interest (Money Factor) Payments: $3214.01 Termination Fee: $395 Total Payments for 48 Months: $18129.28 (Includes depreciation, interest payments, termination fee) To sum up, with zero down and zero out of pocket, I pay $369 a month for 48 months. If I pay the acq. fee, the regis. fee, the doc. fee, and the first payment ($322.16/mon, lower because all of the fees, interest, and taxes are not included) and tax ($1043.78, also lower) out of pocket on day one I pay $2005.94. Now you may say the montly payment and the tax is lower. The interest is also lower by $140 over the life of the 48 month lease. Over the life of this lease I pay $17864.27, or only $265.01 less than when everything is rolled in. That is less than one month's payment. Why so little savings when you are paying interest on the rolled in amount? Well, remember, you pay about $2000 up front out of pocket to lower your payments by $47 each month, or a total of $2270 over 48 months. When rolled in, all the fees and tax you pay are amortized, so you actually only pay for the depreciated part. For my money, I would rather keep my cash (tax return or whatever) and spend the extra $47 each month rather than pay the $2000 up front (which amounts to about $42 a month).
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